Baltic Freight Index Surge With High Vessel Rates

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The Baltic exchange’s main sea freight index rose on Monday, buoyed by an uptick in rates for all vessel segments, reports Yahoo Finance.

The rates

* The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose by 57 points, or nearly 1.8%, to 3,240.

* The capesize index increased 103 points, or roughly 2.1%, to 5,109.

* ​Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, increased by $856 to $42,370.

* China’s ferrous prices took off on Monday, with benchmark iron ore and steel futures hitting all-time highs amid robust demand and supply concerns.

* The panamax index gained 59 points, or 2%, to 3,014.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, rose $529 to $27,126.

* The supramax index increased 20 points to 2,216. (Reporting by Seher Dareen in Bengaluru; Editing by Amy Caren Daniel)

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Source: Yahoo

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